Executives from the NYSE, NASDAQ, and Charles Schwab sent a letter to the SEC raising concerns about the Commission’s Equity Market Structure Advisory Committee which was established to “provide the Commission with diverse perspectives on the structure and operations of the U.S. equities markets, as well as advice and recommendations on matters related to equity market structure.” The letter noted that the committee does not include “a single non-financial public company, individual investor, retail broker-dealer or any exchanges that list operating companies” which “disenfranchises the investors and public companies whose main entry point to the markets are via a retail broker-dealer or listing exchange.”

The group also raised transparency concerns related to their understanding that “the SEC intends to allow the Advisory Committee to create subcommittees that will not be covered by the Sunshine Act,” the federal law that requires that “every portion of every meeting of an agency shall be open to public observation,” subject to certain exceptions. They argue that while the SEC is permitted to do so, it should require the Advisory Committee to keep all discussions and meetings of the Advisory Committee and any subcommittees, open to the public.”